How Healthcare Ireland Group Streamlined Their Finance Department
Healthcare Ireland operates 24 facilities, providing nursing and specialist care to 1,400 service users across Northern Ireland. Beginning with one site in 2015 and expanding to four in 2017, Healthcare Ireland set their sights on becoming truly multi-operational, all whilst leading the way in providing Gold Standard Care.
Barry Casey joined three years ago as Head of Finance and embraced the task of supporting Healthcare Ireland’s goals. As many Finance Leaders know all too well, rapid growth comes with a variety of challenges, risks, and rewards.
When I first started, I knew that the organisation wanted to scale rapidly. I saw this as a chance to embrace something new and smarter.
The Decision To Invest In AP Software
Barry had the choice of establishing a large purchase ledger team that he would have to resource up or, he had the chance to bring something new into the business that would boost efficiencies and keep costs down.
“It’s important to start by taking a step back and to look at all the processes that are currently in place with an objective lens”, said Barry.
Despite the impacts of COVID-19, Healthcare Ireland experienced growth without majorly adapting their finance function. However, with an official growth strategy in place, the business knew that it would need a robust and highly efficient finance process.
Barry had used Lightyear to automate the AP processes of his previous company and believed in the power of technology. The all important question was whether automation could work for the specifics of Healthcare Ireland’s VAT and tax requirements. Fortunately, Lightyear was able to set their supplier tax rates to adjust as needed, without manual intervention from the team.
Better Data & Enhanced Reporting With Automation
Initially, Lightyear was used in tandem with Healthcare Ireland’s original core accounting software. However, the accountancy software “simply wasn’t up to scratch in terms of providing the level of reporting required” explained Barry.
To scale, live and accurate financial metrics are essential. Healthcare Ireland upgraded to Accounts IQ which has an open API with Lightyear. Now, line item invoice data is extracted, coded and automatically reconciled within seconds. The 100% accurate data is transferred to Accounts IQ, where reporting is simple. Barry’s finance team are now confident in their data and decisive in their decision making.
“We now have a seamless process whereby data flows from one software into the next, and it’s all without paper” said Barry. The data in Accounts IQ is extremely clean as a result of automated data extraction." - Barry
Working Faster & Smarter With Lightyear
“Although there was an initial cost to the system, it’s worth it as we avoid mundane tasks and can focus on more impactful work instead.” - Barry
Before automation, Healthcare Ireland would run multiple versions of different trial balances at a cost centre level and import them into a reporting pack. Frustratingly, if even one number changed in a report, the team had to start from scratch, often spending hours re-doing reports manually. With Lightyear “reporting is as quick as the internet allows, 30 seconds and the reports are ready”. With the use of AP automation, “the team are often able to close as soon as day 1 on purchase ledger and bank reconciliations. For all entities we can close in less than three days each month”. Without automation, this speed just wouldn’t be possible.
Healthcare Ireland’s finance team is working up to four days faster in comparison to their previous set-up.
Transforming Jobs & Empowering Staff
Without automation, managing new staff as each new home opened would not only increase costs, but would also reduce operational efficiency. The process could also pressure staff who would already be stretched to cope with the demands of scaling so quickly.
With Lightyear and Accounts IQ, scaling has been made simple and stress-free for the finance team. Barry notes that with automation, setting up new entities is “more than straightforward. Thanks to templates, it’s a cookie cutter process in both systems and my staff feel totally confident doing it themselves”.
Knowing that there is a set process in place provides financial leaders like Barry with greater control and reassurance. Barry notes that his biggest lesson is to not be afraid of breaking free from the status quo and to try something new. To navigate buy-in, he says “just make sure you bring everyone on the journey. If you do, the result is more likely to be widespread buy-in to change and greater chances of success.”
Helping The Team To Embrace Change
- Recognise Potential Blockers
A potential challenge for leaders is resistance to change from staff who are so used to their traditional processes.
It’s important to recognise that for a successful transition to automation, it’s crucial to take everyone on the journey and to communicate that automation is there to compliment skills, not replace them.
- Focus On The People
Barry ensured that he addressed the “people” element and highlighted that “automation would serve the purpose of up-skilling and empowering those in the purchase ledger function to use their experience for more value-added tasks”. It’s helpful to include accounting staff in the research process for new software, as bringing the team in on product demos helped Barry to communicate the clear benefits of automation.
- Take Time To Reflect
Due to cost savings, Healthcare Ireland can offer higher salaries and more interesting roles. “The job market is incredibly difficult, getting quality professionals with the right experience is a challenge”; but Barry has secured great talent and isn’t reliant on a huge team to function well. Healthcare Ireland can use automation to keep over-head expenditure to a minimum, all whilst “enabling employees to feel more fulfilled.”
The Results Of Accounts Payable Automation
The results of Healthcare Ireland automating their processes with Lightyear have been that they can run an entire purchase ledger function for 24 homes with the equivalent of 1.5 full time staff. Barry has successfully scaled the finance function in a way that supports business growth and achieves operational excellence within his department.
“I have purchase ledger professionals with over 40 years experience who just can’t believe the difference it has made to their roles.” says Barry.
The team can work more effectively, collaboratively and happily in managing a business that has grown enormously, with plans for future growth confirmed. A customisable, scalable accounts payable solution has been invaluable for Healthcare Ireland and will stand as a long term investment. Empowering the finance function through automation has also created a finance department that has an open, two way dialogue with high level management.
Rather than existing as a support function, the finance team deliver valuable information and quick analysis to decision makers, which has undoubtedly been a key factor in the masterful scaling of the Healthcare Ireland Group.
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